There has been a traditional trade-off in thermophotovoltaic (TPV) energy conversion development between systems efficiency and power density. This trade-off originates from the use of front surface spectral controls such as selective emitters and various types of filters. A monolithic interconnected module (MIM) structure has been developed which allows for both high power densities and high system efficiencies. The MIM device consists of many individual indium gallium arsenide (InGaAs) devices series -connected on a single semi-insulating indium phosphide (InP) substrate. The MIMs are exposed to the entire emitter output, thereby maximizing output power density. An infrared (IR) reflector placed on the rear surface of the substrate returns the unused portion of the emitter output spectrum back to the emitter for recycling, thereby providing for high system efficiencies. Initial MIM development has focused on a 1 sq cm device consisting of eight series interconnected cells. MIM devices, produced from 0,74 eV InGAAs, have demonstrated V(sub infinity) = 3.23 volts, J(sub sc) = 70 mA/sq cm and a fill factor of 66% under flashlamp testing. Infrared (IR) reflectance measurement (less than 2 microns) of these devices indicate a reflectivity of less than 82%. MIM devices produced from 0.55 eV InGaAs have also been den=monstrated. In addition, conventional p/n InGaAs devices with record efficiencies (11.7% AM1) have been demonstrated.